Global Collections Services Make for Loyal Overseas Customers
You sell a great product. It does well outside your borders and your prospects for business expansion look good.
But you have a choke point in your payments process. Payments on your invoices are slowed, and sometimes fluctuations in currency exchange rates pose a risk to the value of your product—and put repeat orders at risk.
Your overseas payment process may be the traditional method where you invoice in Canadian dollars, but your European customers shoulder the inconvenience (and cost) in navigating foreign currency exchange and conversion for their euros.
That process forces your customers to figure out their local currency equivalency to the amount billed on your invoice. Then to settle the account they must pay you with an international wire transfer.
Banks are cutting into your profits.
In between the wire transfer and your business coffers there are others taking their cut. That process is complicated as intermediaries add service charges and exchange rate fees. Consequently, fluctuating foreign exchange rates and payment processing fees at overseas banks always reduce the amount of the invoice you are billed.
Your overseas customer shoulders the burden of additional cost and effort. That burden translates into a diminished quality of their experience with you. Meanwhile, you take a concurrent hit when exchange rates go short and your budget projections slide past the redline of profitability. Small businesses are vulnerable to cash flow glitches, and often fail when too much of the latter occurs.
Global Collections is the solution.
There is a way to handle your overseas business payments without hiring local talent to engage in bank negotiations and setting up multiple bank accounts. It is called Global Collections.
Global Collections is an optimized accounts receivables solution. Here is how the process works, and why it is seamless:
MTFX Foreign Exchange & Global Payments provides your company with local overseas account numbers in the locations where your customers reside. We do that through international bank accounts numbers, IBANS, or through virtual account numbers, VANS.
Your overseas customers now have the option to pay you in their home currency. They pay your invoice immediately and conveniently. The burdens of currency conversion and giving correspondent banks a percentage of the payment are lifted and you will compete on a more even playing field.
You provide this service to your customer without increasing your overhead. You do not have to do the legwork or pay someone to do the overseas bank negotiations in a foreign market. MTFX Foreign Exchange & Global Payments already has the technology and infrastructure in place.
Your international cash flow risk management is now under control.
Now that you have streamlined your overseas payment process, you can get a better handle on your international cash flow and volatile exchange rates. As the local currency payments begin accumulating in your accounts, you let the funds sit as a cash reserve to service those local markets.
Alternatively, you can convert those funds to your own currencyand shift them back home. This is where a handy residual benefit kicks in: Controlling FX transactions allows you to pocket optimal exchange rate margins, rather than charging your customers up to 4% in international wire exchanges.
The Global Collections feature accommodates both your customer’s expectations, as well as helps you to maintain your own overseas cash flow on a flexible, even keel.
Stop stifling your foreign exchange cash flow.
MTFX Foreign Exchange & Global Payments is your full-service platform for risk management in overseas transactions. Contact us and learn how our third-party payment platform can expedite your overseas collections, give your customers flexible payment options, and eliminate exorbitant bank charges and fees.
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.